In order to fully embrace the potential of artificial intelligence, we need to understand the benefits of artificial intelligence use it effectively!
Have you ever booked an uber with surge pricing? Or have you been recommended content that belongs to your favorite genre? If yes then you have already witnessed the power of AI.
Artificial intelligence is the most prominent technology to have emerged in recent times. It has truly revolutionized the type of apps and services that are being offered. With active personalizations, behavioral recommendations, and the capacity to learn & evolve, AI is a staple for any application, software, and web app that rolls out today. It It allows the apps to learn from user data and become better over time.
Today, we’ll be talking about the benefits of artificial intelligence to help you understand the different feats AI can perform.
Note: Here is a detailed article on “What is artificial intelligence?”. Check out now!
Now without wasting any time, let’s dive in…
Here are some of the most prominent benefits of AI. Let’s have a look…
Businesses are a combination of various departments such as human resources, finance, operations, marketing, etc that become siloed if not in sync with one another. Which leads to the generation of vast amounts of unstructured data that is often difficult to comprehend. However, as per Forbes, 95% of businesses still has to rely on unstructured data to make decisions by squeezing out insights from it. Integration of AI in business tools will help in improving daily data processing, figuring out trends, and make predictions for outcomes.
Example: As of now, airlines have the capability to use the benefit of artificial intelligence for pricing their tickets. These AI engines gather data from competitors based on demand, time, and other factors, and provide a competitive price for better sales.
This is one of the best examples to throw light on the benefits of AI in business. The majority of organizations across industries suffer from the plight of repetitive work. This not only takes resources in terms of capital and no. of employees but also consumes time. Some of the most common repetitive tasks carried out by organizations (for data) are:
By utilizing the advantages of AI technology, organizations are capable of automating their repetitive tasks. This helps them reduce the cognitive load on employees and helps in empowering them with intellectual tasks.
Example: Scheduling tools like Hootsuite that are capable of social media posts on a daily as well as weekly basis.
Accelerated progress in the medical stream is one of the major benefits of AI in healthcare. Artificial intelligence is commonly used for patient diagnosis, the development of drugs, transcribing medical documents, and other similar tasks. The advantage of AI technology here is the accuracy it exhibits while performing tasks. Considering the importance of medical records and the data accuracy it requires for patient health, it is evident that the pros of artificial intelligence will be benefiting healthcare industry in many more ways.
Example: Merative which was formerly known as IBM Watson Health. AI-based tool that utilizes cloud architecture and provides storage, management, and analysis of medical data medical data for both patients and doctors.
AI is backed by multiple AI-based technologies that make things possible that weren’t imaginable two decades ago.These technologies not only have the capability to process customer requirements but also the capability to learn & evolve from them. This makes them the AI model capable of providing content, offers, products, and services that create an excellent experience for the customer.
Example: OTT platforms like Netflix, Amazon Prime, etc, and e-commerce shopping platforms like Amazon that provides products and content by assessing the past behavior of the user.
The importance of artificial intelligence shines when it comes to raw bulk data gathering insights from massive datasets. AI can be used as a great tool for analyzing data and figuring out relevant research points from it. This allows the organizations to develop products, improve team performance, and let the business understand what works and what doesn’t.
Example: Tableau is a great example of taking advantage of artificial intelligence. It is an analytics tool that generates reports without coding. It provides visualized data that is easy to consume and for analysis purposes.
The major disadvantage of using human operators with jobs like sorting data, segregating data, data entry, etc is that it leads to errors. Errors such as duplicate data, missing data, incorrect data, etc. These types of errors are prevalent across industries and end up skewing the final information gathered. This primarily happens because of cognitive overload and the monotonous nature of the task. One of the pros of artificial intelligence is that it isn’t affected by these mental constraints and can repeat tasks with maximum efficiency day in and day out.
Example: There are several document automation tools such as Hyperscience, Rossum, AmyGB, etc that automate the task of data entry. They scan documents for all the important data and consolidate them into spreadsheets using technologies like deep learning, robotic process automation, natural language processing, etc.
As per an article by Exploding Topics, approximately 2.5 quintillion bytes of user-generated data are produced on a daily basis. One of the major pros of artificial intelligence is its capability to handle big data effectively. By utilizing the advantages of artificial intelligence organizations can:
Example: Netflix gathers big data for its customers all over the world. This aggregation is not only used for providing personalized content but also for acquiring and creating content that entices customers.
Customer service is another use case that requires tons of resources. However, with the inception of digital assistants i.e. chatbots, the need has been catered to a transformative degree. Right now every organization’s customer service is fueled by chatbots by making them the first respondent of any customer query. These queries, if required are later on passed on to human operators for resolution.
Example: Some common examples of these digital assistants are Ada, Drift, Chatfuel, Botsify, etc.
Handling risks is one of the biggest challenges of working in the banking and finance industry. With AI solutions in place, organizations can facilitate the process of decision-making, remove risks of credit, and provide tailored solutions based on risk assessment.
In fact, there are several use cases of risk management that AI can easily cater to such as:
Example: UEBA, an AI-powered tool has the capability to analyze user behavior and events to detect anomalies for handling fraud detection.
There are several artificial intelligence development companies that are reaping the benefits of artificial intelligence. With the inclusion of AI, the apps and services created are becoming smarter with self-learning and self-evolving capabilities. These apps and services provide an automated experience to their end users with personalized content and services products.
Example: With the integration of AI, AI-powered chatbots, immersive games, autonomous vehicles, AI-based security systems, etc. have been developed by multiple organizations around the world.
Without artificial intelligence machines were limited. Previously machines could only perform simple tasks that were backed by a program that didn’t have human qualities like detecting patterns. However with technologies like deep learning and computer vision, not only can AI detect patterns from large clusters of data but also detect images, and understand them.
Example: Right now, there are a plethora of image recognition tools such as Locobuzz, Clarifai, Amazon Rekognition, IBM image detection, etc.
An AI system in place has the ability to closely monitor the data fed to them. It ensures that the user is able to take pre-emptive actions for any unforeseen event. This AI-based monitoring is used with IoT devices.
Example: In an electricity grid, IoT devices along with sensors are installed in the grid. Whenever there is an event that requires attention, a response is generated by the AI system to take necessary action.
By harnessing the power of AI, talent management companies are now able to figure out suitable employees for the companies. Adding to it, AI-based engines are also providing insights to employees with new opportunities that fit their skillset. To achieve this, the AI models utilize the data from the resumes and historical records of the employees.
Example: Linkedin, Culturekit, Zapier, etc are some examples that use AI for providing suitable jobs to candidates and suitable candidates to employers.
The benefits of artificial intelligence also entail its capacity to provide outputs for daily usage. We are using AI-based services for fraud prevention, AI-powered assistance, e-commerce websites, music streaming, gaming, etc. With the inclusion of AI not only these experiences have become more immersive but it has also helped us in getting relevant information faster.
Example: Some of the most common examples for this would be Google Assistance, SIRI, ChatGPT, Netflix, Amazon e-commerce, etc.
With globalization, the majority of businesses have to run 24*7. With services like Uber, Netflix, Zomato, etc. the need for assistance can be felt any time. With human resources, this required three shifts of human workers to handle the task. However, with AI tools that can stay awake operational 24*7, organizations are able to listen to their customer’s problems anytime and at any moment of the year endlessly.
Example: Any chatbot used by an organization has the capacity to run 24*7.
AI has already touched the far ends of our life. With the majority of services being handed over to us via smartphones, the essence of AI is always there. There are so many developers and big organizations that already understand the potential benefits of artificial intelligence. They are already using the technology and even making improvements & adjustments in their AI algorithms. If you are not the part of the bandwagon, it is high time to consider it and take your products & services to the next-level.